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Blue Owl teams with Lunate to scout for GP stakes; Baker Tilly to scale up; CPG companies for sale

Good morning, Hubsters. Michael Schoeck with you for the Thursday Wire.

Q1 dealmaking is picking up steam, with an asset manager JV announcement and an industrials company tacking on its sixth add-on deal this morning.  

Selling GP stakes is a major source of capital and growth for PE firms, so today’s news that Blue Owl Capital and Lunate have formed a JV to acquire minority stakes in mid-sized GPs is significant.

In the industrial market,Align Capital Partners portfolio company Marco Rubber & Plastics is teeing up its sixth add-on acquisition, Allied Metric O-Rings & Seals.

In the advisory world, the stretched-thin CFO role coupled with a shortage of CPA firms drove Hellman & Friedman and Valeas Capital Partners to partner with Baker Tilly.

And today we’re featuring my reporting on several food companies hitting the market, including some scoops.

Raising the stakes

Blue Owl Capital and Lunate announced the formation of a JV to acquire minority stakes in private capital-oriented investment managers with assets under management of less than $10 billion.

The JV will target GPs with a clear sector specialization, differentiated approach, strong leadership and culture, and an established foundation of a stable platform with identifiable key drivers of franchise value, according to a statement.

Upgrade to the premium version of the Wire to read about more investments Blue Owl has been involved with in the GP market.

Adding on

Align Capital Partners is hot off the press this morning with portfolio company Marco Rubber & Plastics announcing its sixth add-on acquisition, Allied Metrics O-Rings & Seals, a distributor of O-rings, gaskets and seals based in Naples, Florida.

Upgrade to the premium version of the Wire to learn more about Marco Rubber’s other add-on acquisitions.

CPA meets PE

Widening complexities for the role of chief financial officer coupled with a shortage of certified public accountants, are some of the factors that attracted Hellman & Friedman and Valeas Capital Partners to invest in Baker Tilly, a top 10 CPA firm, writes Obey Martin Manayiti.

Blake Kleinman, a partner at H&F, and Ed Woiteshek, co-founder and managing partner at Valeas, told Obey that their investment will position Baker Tilly for a wider market share, especially for the growing mid-sized business segment.

Upgrade to the premium version of the Wire to learn more about growth in the mid-market CPA space.

Sweet and salty

Dealmaking has started to pick up, and PE Hub reporters are actively seeking scoops on PE-backed companies to hit the auction block. Periodically, we’ll update you with more round-ups like this.

Today, we’re featuring my look at a handful of food companies hitting the market. Upgrade to the premium version of the Wire to access the list of companies.

That’s it for me today. Obey Martin Manayiti will be back tomorrow to wrap up the week with the Friday Wire.

Happy dealmaking,

Michael

Read the full wire commentary on PE Hub ...

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